Understanding HERA and new regulations under HOEPA

Download Understanding HERA and new regulations under HOEPA

Last month, two significant pieces of regulation for the mortgage industry became a reality: The Housing and Economic Recovery Act of 2008 (HERA) was signed into law and new regulations were issued under the Home Ownership and Equity Protection Act (HOEPA).

This document summarizes hundreds of pages of legislation and regulation and presents a point of view on what steps mortgage executives need to consider as they start drafting a plan to comply with the new rules and potentially take advantage of the new FHA Hope for Homeowners program.